Gold climbs Rs 340 on global leads, silver tops Rs 40,000

Persisting global worries took gold prices to an over two-month high of Rs 29,890 per 10 grams with a gain of Rs 340 today, mirroring a firm trend overseas amid heavy local buying.

Gold climbs Rs 340 on global leads (Reuters)

Persisting global worries took gold prices to an over two-month high of Rs 29,890 per 10 grams with a gain of Rs 340 today, mirroring a firm trend overseas amid heavy local buying. Silver also recaptured the Rs 40,000-mark by rising Rs 570 to trade at Rs 40,070 per kg, backed by increased offtake by industrial units and coin makers. The ongoing muscle-flexing by the US and North Korea is keeping investors on edge, which explains the growing allure of the precious metals as a safe haven. Increased buying by local jewellers to meet rising demand at the domestic spot
market also kept gold prices elevated. Globally, gold rose by 0.09 per cent to USD 1,278 an ounce and silver by 0.44 per cent to USD 16.99 in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity jumped Rs 340 each to Rs 29,890 and Rs 29,740 per 10 grams, respectively, a level last seen on June 7. The metal had gained Rs 200 yesterday.

Sovereign, however, remained unchanged at Rs 24,500 per piece of eight grams. In sync with gold, silver ready prices surged by Rs 570 to Rs 40,070 per kg and weekly-based delivery by Rs 1,195 to Rs 38,990 per kg. Silver coins, however, continued to be traded at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.